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Economy in Brief
UK Consumer Sentiment Hits Lowest Reading since 1996
(when the GFK survey began; also lowest reading 'ever')
Of these 13 readings eight of them declined on the month in May three of them improved and two of them were unchanged...
U.S. Existing Home Sales Continue to Fall in April as Houses Become Less Affordable
The combination of soaring home prices across the nation and rising interest rates is making homes less affordable...
U.S. Index of Leading Indicators Fell in April
Five of the index's components fell in April, one was unchanged and four increased...
U.S. Unemployment Claims Rose in the Latest Week
The state insured rates of unemployment in regular programs vary widely...
CBI Gauge in the UK Continues to Be Upbeat
The global economy has a lot of challenges...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
Profits and Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation and Fed Policy: A Relationship which Should Worry the Fed and Scare Investors
Why Have the Yields on TIPS Been Negative in the Past Two Years?
by Carol Stone November 7, 2012
Consumer credit increased $11.4B in September, following a modestly revised $18.3B gain in August, the Federal Reserve reported. The September gain was slightly larger than the $10.3B forecasters expected, according to the Action Economics survey consensus. The year-to-year gain was 5.5%, the same as in August.
Non-revolving credit - car loans, students loans and other specific loan contracts - remained strong, with a $14.3B increase, almost the same as the $14.1B in August. The year-to-year gain was 8.0%, even a bit firmer than August's 7.8%, already the strongest in 10 years. Non-revolving credit accounts for roughly two-thirds of the credit total. In contrast, revolving credit (credit card debt) retreated, falling $2.9B after rising $4.3B in August. With an up-and-down sawtooth pattern repeating every few month, the year-to-year growth rate was just 0.5%.
The figures used in this report are break-adjusted and calculated by Haver Analytics. There is a break in the credit outstanding data from November 2010 to December 2010 due to the Fed's benchmarking process. Benchmark estimates are based on the Census of Finance Companies (CFC) and the Survey of Finance Companies (SFC) conducted in 2010 and 2011, respectively. The consumer credit data are available in Haver's USECON database. The Action Economics figures are in the AS1REPNA database.
Consumer Credit Outstanding (M/M Chg, SA) | ||||||||
---|---|---|---|---|---|---|---|---|
Sep '12 | Aug '12 | Jul '12 | Y/Y % * | 2011 | 2010 | 2009 | ||
Total | $11.4B | -$18.4B | -$2.6B | 5.5% | 3.4% | -1.2% | -4.5% | |
Revolving | -2.9 | 4.3 | -4.9 | 0.5 | 0.1 | -7.4 | -8.8 | |
Non-revolving | 14.3 | 14.1 | 2.4 | 8.0 | 5.0 | 2.5 | -1.8 | |
*Year-to-year changes based on Federal Reserve break-adjusted data |